New data on inflation in Iceland were published today. The verdict: 4.5% over the last 12 months.

Icelandic President Ólafur Ragnar Grímsson said part of the country's prescription to growing its economy in the wake of its terrible financial crisis was refusing to bail out the banks and rejecting austerity measures that put the burden on poor and working people.

In light of the acquittal in the Icesave case, I see a reason to post the press release from the Ministry for Foreign Affairs in its totality.

The Winding-up boards of the three largest banks is Iceland that all defaulted in 2008 are still negotiating with creditors about Schemes of arrangement. The Central Bank of Iceland, CBI, sets three requirements that must be met by Glitnir bank and Kaupthing bank before the schemes can be approved. Mr. Mar Gudmundsson the governor of the central bank says that it is impossible to know when this process is over.

Icelandic pension funds are likely to buy Islandsbanki, one of the three largest banks in Iceland. Informal discussions have been taking place between investors and the winding up board of the defaulted bank Glitnir, who own most of Islandsbanki. 

Icelandic State Financial Investments (ISFI) is the state’s holding company on the financial market, while the reconstruction and restoration of the financial system is still in progress. ISFI aims to ensure that the administration of the holdings is professional and reliable. ISFI is the state’s holding company on the financial market, while the reconstruction and restoration of the financial system is still in progress.

Mr. Bjarni Benediktsson, chairman of the Independence Party in Iceland, said today that the claims from foreign hedge funds on the banks, that defaulted following the financial crisis, should be largely written off. The chairman was in an interview with the national TV station in Iceland today, where he said this.

It is in many regards positive that Arion Bank has issued bonds in foreign currency, even though the loan was very expensive, says Dr. Thorolfur Matthiasson professor of economics at the University of Iceland. Arion bank, one of the largest banks in Iceland, pays a seven times higher premium on the loan than other banks in Norway of similar size.

Total assets of Icelandic deposit institutions were worth 2931 billion ISK, or around 18.4 billion EUR, at the end February. They increased by 12.5 million EUR in that month. These numbers can be found in the central bank's statistics.